The length of time it takes to get a development off the ground is a serious problem on Vancouver Island,
which is becoming an increasingly popular destination for buyers of all ages,” says Mackay. “While our area has
always attracted retirees, we’re seeing younger buyers more frequently than in the past.”
Mackay advises that while obtaining the advice of a REALTOR® can help in any market, it is particularly crucial in
a multiple-offer environment.
“In a competitive housing market, using a REALTOR® can help streamline the buying and selling process to
ensure the best possible outcome while mitigating associated risks,” adds Mackay.
Naturally, the robust housing market is impacting prices, which are rising throughout the board area. The
benchmark price of a single-family home hit $609,100 last month, 15 per cent higher than in February 2020. The
benchmark price of an apartment reached $325,000, an increase of nine per cent, while the benchmark price of
a townhouse rose by 15 per cent year over year, climbing to $466,200.
In Campbell River, the benchmark price of a single-family home hit $547,700 in February, an increase of 18
per cent over last year. In the Comox Valley, the benchmark price was $631,400, up by 15 per cent from one
year ago. Duncan reported a benchmark price of $572,900, an increase of 17 per cent from February 2020.
Nanaimo’s benchmark price rose by 12 per cent, hitting $617,700, while the Parksville-Qualicum area saw its
benchmark price increase by 13 per cent to $695,600. The cost of a benchmark single-family home in Port
Alberni reached $378,200, a 16 per cent year-over-year increase. For the North Island, the benchmark price rose
to $291,900, a 12 per cent increase over last year.
- 30
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